Oklahoma City, OK · Member since 2016 · 79 posts · 26 votes
Hello investors,
I am trying to narrow down the mortgage options for a future house investment within the next year. I'm looking for a loan (around 50k) without a down payment and with an institution. I'm in the process of getting a credit card so currently I have no credit and i'm working a low-wage job ($10/per hour) making around 800/month with about 500-600 to spare. I see that there are many options and honestly it's sort of overwhelming how many options there are. I'd like to get to narrow these options before I undergo "analysis paralysis".
Thank you for taking the time for reading my post and helping a new young investor!
I just saw on your profile that you're still in college, if there are a lot of transient student and student from out of town at your school a 2-4 unit place near the school could be great for while you're there and after you leave.
Investor · Buffalo, NY · Member since 2016 · 668 posts · 209 votes
9y
Find a realtor who has experience working with buyers in your situation and get some guidance in the home buying process. Best of luck with your investment.
Maybe look into house hacking. It's not really what you described but if you can get in a duplex you could rent out one side and get a roommate to speed up the cashflow. You could take the profit and pay it down quicker if needed or start saving it up a down payment on something else. This will also help you gain a little property management experience with your neighbor. Just a thought
I just saw on your profile that you're still in college, if there are a lot of transient student and student from out of town at your school a 2-4 unit place near the school could be great for while you're there and after you leave.
Wholesaler · Toronto, Ontario · Member since 2016 · 35 posts · 11 votes
9y
I would also suggest talking to various people like property managers, mortgage brokers and etc. to see what is the best way for your achieve your goal and whether it is feasible or not. Sometimes I find that just talking to people helps you determine what you really are looking for and narrows down what are and aren't comfortable. Also, as a plus, you are building up your network and who knows, they might be able to help you out or point to in the right direction if something were to arise with your investment
Rental Property Investor · Albany, OR · Member since 2015 · 312 posts · 136 votes
9y
I definitely think house hacking would be a great option. If you use FHA loan it requires 3.5% down I believe. If you find a reasonably priced duplex you can try to save up for a down payment or ask the bank of mom for a loan for the other 3.5%. Rent out one unit and if you want bring roommates in to your unit too you could live for free! Obviously you want to make sure and do your research and know how to analyze and execute first.